The International Olympic Committee has turned down a bid made by the BBC and other European public service companies to show coverage of the Olympic Games in 2014 and 2016.

The refusal could open the doors to the likes of Sky and ITV to screen coverage of the quadannual event, with the BBC facing competition to retain its previously exclusive broadcasting rights, with the corporation screening every Olympic Games since 1948.

The IOC's refutal of the media pitch of the European Broadcasting Union - whose members have shown the games since 1956 - hints at a financial fissure between the parties.

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The EBU paid £298 million to screen the Beijing Games and while it retains the rights to screen the 2010 and 2012 Games, American braodcasting giant NBC is forking out £465m for the broadcast rights to the 2010 and 2012 Olympics in the United States alone.

BBC insiders were said to be concerned about the IOC's move, which reflects those of FIFA and UEFA over the broadcasting of the European Championships and the World Cup.

'As far as we are concerned the bid has been rejected and so we are out of the game. Our offer was the maximum we could pay,' an EBU spokeswoman said.

The IOC is set to discuss terms with individual European broadcasters, including the BBC.